Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Insights - The fluorochemical index increased by 7.76% during the week of December 22-26, outperforming the Shanghai Composite Index by 5.88% [6][25] - The market for fluorinated refrigerants is expected to continue its upward trend, with stable prices for fluorite and a potential recovery in the market [4][19] - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical, entering the liquid cooling sector [10][19] Summary by Sections Fluorochemical Market Overview - The average market price for fluorite (97% wet powder) was 3,290 CNY/ton as of December 26, remaining stable compared to the previous week [19][33] - The average price for December was 3,300 CNY/ton, down 10.13% year-on-year, while the average price for 2025 is projected at 3,481 CNY/ton, a decrease of 1.80% from 2024 [19][33] Refrigerant Pricing Trends - As of December 26, refrigerant prices were as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton [21][24] - The external trade prices for these refrigerants remained stable, with R32 at 61,000 CNY/ton and R134a at 50,000 CNY/ton [21][24] Market Dynamics - The confidence of refrigerant companies and distributors in seasonal demand has increased, leading to price hikes for various refrigerant products [22][23] - The current low inventory levels are expected to drive further transactions and gradual price increases as demand recovers [23] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

证券代码：603505 证券简称：金石资源 公告编号：2025-056 金石资源集团股份有限公司2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月26日 (二)股东会召开的地点：杭州市西湖区求是路8号公元大厦南楼2303室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，以现场投票及网络投票相结合的方式召开，会议由公司董事长王锦华先生 主持。会议的召集、召开及表决方式均符合《公司法》等法律法规及《公司章程》的有关规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事8人，列席8人。 2、公司副总经理兼董事会秘书戴水君列席本次股东会；公司副总经理许发才、徐春波、杨晋、苏宝 刚、胡向明、财务总监武灵一、运营总监戴隆松列席本次股东会，其中部分高级管理人员通过视 ...

北京市中伦律师事务所 关于金石资源集团股份有限公司 2025 年第二次临时股东会的 法律意见书 致：金石资源集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为金石资源集团股份有限公 司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席公司 2025 年第二次临时股东会（以下简称"本次股东会"）。本所律师根据《中华人民共和 国公司法》（以下简称"《公司法》"）等相关法律、法规、规范性文件及《金石资 源集团股份有限公司章程》（以下简称"《公司章程》"）、《金石资源集团股份有限 公司股东会议事规则》（以下简称"《股东会规则》"）的规定，通过现场及视频的 方式对本次股东会进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 法律意见书 为出具本法律意见书， ...

证券代码：603505 证券简称：金石资源 公告编号：2025-056 金石资源集团股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (一) 股东会召开的时间：2025 年 12 月 26 日 (二) 股东会召开的地点：杭州市西湖区求是路 8 号公元大厦南楼 2303 室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 二、 议案审议情况 审议结果：通过 表决情况： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 209 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 406,991,434 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 48.4784 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，以现场投票及网络投票相结合的方式召开，会议由 公司董事长王锦华先生主持。会议的召集、召开及表决 ...

Core Viewpoint - The article highlights the rapid growth of the cooling liquid market driven by the expansion of the energy storage industry and data centers, emphasizing the strategic acquisition of Noah Fluorochemical by Jinshi Resources to leverage its upstream fluorite resources and enhance its position in the high-growth fine fluorochemical sector [1][2][3]. Group 1: Market Dynamics - The cooling liquid market is experiencing significant demand due to advancements in liquid cooling technology, which is essential for the efficient and stable operation of systems in data centers and AI applications [1][5]. - Jinshi Resources, a leading fluorite mining company, is acquiring a 15.7147% stake in Noah Fluorochemical for 257 million yuan, valuing the company at 1.635 billion yuan post-investment [2][3]. Group 2: Company Profiles - Jinshi Resources holds the largest single fluorite mine in China with approximately 27 million tons of fluorite reserves, extending its operations into downstream fluorochemical products, thus forming a complete industrial chain from resource extraction to new energy materials [3][4]. - Noah Fluorochemical, established in 2015, specializes in the R&D, manufacturing, and sales of fluorinated electronic chemicals, including fluorinated cooling liquids, and has been recognized as a national-level "specialized and innovative" enterprise [4][5]. Group 3: Product Applications - Noah Fluorochemical's products, such as fluorinated cooling liquids, have been successfully applied in high-performance computing environments, including supercomputing centers and major internet companies, demonstrating their effectiveness in thermal management [4][5]. - The company's electronic-grade fluorinated cooling liquids have achieved significant performance metrics, including a 30% improvement in thermal conductivity over traditional media, making them suitable for advanced semiconductor cooling systems [5]. Group 4: Future Trends - The article suggests that as AI computing power and high-performance computing demands surge, liquid cooling will evolve from a mere cooling method to a comprehensive thermal management solution, crucial for the reliability of large-scale AI data centers [5]. - Innovations in materials and system integration related to liquid cooling technology are expected to play a key role in the efficient thermal management of data centers, edge computing, energy storage, and new energy sectors [5].

Core Viewpoint - Jinshi Resources announced its intention to acquire a stake in Zhejiang Noah Fluorochemical Co., marking a strategic extension into downstream fine fluorochemicals and an important move for value chain deepening and industry integration [1] Group 1: Company Overview - Jinshi Resources is a leading enterprise in the upstream fluorochemical sector, aiming to enhance its business model by integrating vertically from fluorite mining to hydrogen fluoride production and fine fluorochemical manufacturing [1] - The company has expanded its operations from fluorite resources to basic fluorochemical products, including anhydrous hydrogen fluoride and anhydrous aluminum fluoride, as well as downstream lithium battery materials like lithium hexafluorophosphate [1] Group 2: Acquisition Details - Jinshi Resources plans to acquire approximately 15.7147% of Noah Fluorochemical for a cash consideration of about 257 million yuan [1] - Upon completion of the transaction, Jinshi Resources will become the second-largest shareholder of Noah Fluorochemical, with a shareholding gap of only 0.1415 percentage points from the largest shareholder [1] Group 3: Market Position and Product Application - Noah Fluorochemical's fluorinated cooling liquid products are produced through chemical synthesis and have unique advantages in purification and testing technology [1] - The company’s products have been utilized by well-known domestic and international internet companies and server manufacturers, with an established annual production capacity of 5,000 tons of fluorinated liquids, ranking among the top in the domestic immersion liquid cooling market [1]

Group 1 - The core viewpoint is that the air conditioning market is expected to maintain stable growth by 2026, with the supply and demand of the mainstream third-generation refrigerant R32 remaining in a tight balance [1] - The demand for R134a is anticipated to increase due to the rapid development of new energy vehicles, leading to a tighter supply-demand balance [1] - The supply-demand relationship for R125 is also expected to be tight due to a small internal quota ratio and reduced social inventory [1] Group 2 - The refrigerant industry faces challenges with some companies having incomplete quota varieties and limited quota numbers, which may lead to adjustments in the production of high GWP refrigerants when prices rise [1] - Guosen Securities predicts that the mainstream third-generation refrigerants will maintain a tight supply-demand balance, with a long-term trend of tightening refrigerant quota constraints [1] - The development of the liquid cooling industry is viewed positively, as it is expected to increase the demand for fluorinated liquids and refrigerants [1] Group 3 - Jinshi Resources, a leading upstream fluorite resource company, announced plans to invest 257 million yuan to acquire a 15.7147% stake in Zhejiang Noah Fluorochemical Co., becoming its second-largest shareholder [2] - This transaction is seen as a strategic extension into the high value-added fine fluorochemical sector by Jinshi Resources [2] - Noah Fluorochemical specializes in the R&D, manufacturing, and sales of fluorinated electronic chemicals, with a current production capacity of 5,000 tons of fluorinated liquids [2]

Core Viewpoint - Jinshi Resources (603505.SH) plans to strategically extend into the downstream fluorochemical sector by acquiring a 15.7147% stake in Zhejiang Noah Fluorochemical Co., Ltd. for 257 million yuan, positioning itself as the second-largest shareholder in the company [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 257 million yuan for the stake in Noah Fluorochemical, which has a registered and paid-in capital of 13.106 million yuan [1]. - After the acquisition, Jinshi Resources will hold a 15.7147% stake, closely trailing the largest shareholder by only 0.1415 percentage points [2]. Group 2: Financial Performance - Noah Fluorochemical reported revenues of 541 million yuan and a net profit of 46.258 million yuan for 2024, with revenues reaching 510 million yuan and a net profit of 64.131 million yuan from January to October 2025, surpassing the entire 2024 profit [2]. - Jinshi Resources has experienced significant revenue growth, with total revenue of 2.752 billion yuan in 2024, a 45.17% increase year-on-year, but net profit decreased by 26.33% [4]. Group 3: Strategic Rationale - The acquisition aligns with Jinshi Resources' strategy to leverage its upstream fluorite resources and expand into high-growth fine fluorochemical markets, enhancing its vertical integration [3]. - Noah Fluorochemical specializes in high-tech electronic chemicals, with products that have gained traction in significant projects, including applications in national supercomputing centers and major internet companies [3].

Core Viewpoint - The article discusses the strategic investment by Jinshi Resources in Zhejiang Noah Fluorochemical Co., marking a significant step in the company's transition from mining to high-value downstream chemical production [1][2]. Group 1: Investment Details - Jinshi Resources plans to invest 257 million yuan to acquire a 15.7147% stake in Noah Fluorochemical, positioning itself as the second-largest shareholder [1][2]. - The shareholding gap between Jinshi Resources and the largest shareholder is only 0.1415 percentage points, suggesting potential future governance maneuvers [2]. - The transaction is based on a valuation of Noah Fluorochemical at 1.635 billion yuan, reflecting the company's growth potential [3]. Group 2: Strategic Implications - This investment represents a strategic move for Jinshi Resources to extend its value chain from upstream fluorite mining to downstream fine chemical production [4][5]. - Jinshi Resources aims to leverage its upstream resource advantages to support Noah Fluorochemical's production of high-value fluorinated products, enhancing synergy between the two companies [5]. - The investment aligns with Jinshi Resources' broader strategy to penetrate the high-end fluorine materials market through vertical integration [6]. Group 3: Financial Performance of Noah Fluorochemical - Noah Fluorochemical is experiencing rapid growth, with projected revenues of 541 million yuan and net profits of 46.258 million yuan for 2024, and 510 million yuan in revenue with net profits reaching 64.131 million yuan in the first ten months of 2025 [2]. - The company specializes in the research, manufacturing, and sales of fluorinated electronic chemicals, with established production capacity of 5,000 tons of fluorinated liquids [2].

Group 1 - The core viewpoint of the news is that Jinshi Resources plans to acquire a stake in Zhejiang Noah Fluorochemical Co., Ltd., marking a strategic extension into downstream fine fluorochemicals and deepening the value chain [1] - Jinshi Resources aims to purchase 15.7147% of Noah Fluorochemical for approximately 257 million yuan, which will make it the second-largest shareholder in the company, with a shareholding gap of only 0.1415 percentage points from the largest shareholder [1] - Noah Fluorochemical has established a production capacity of 5,000 tons of fluorinated liquids and is a leading player in the domestic immersion liquid cooling market [1] Group 2 - Jinshi Resources is transitioning from a passive resource supplier to an active industry chain integrator, building a vertical integration from fluorite mining to hydrogen fluoride manufacturing and fine fluorochemical production [2] - The demand for liquid cooling in data centers has surged due to AI advancements, significantly boosting Noah Fluorochemical's profit growth, with a projected net profit of 46.2582 million yuan for 2024 and 64.1309 million yuan for January to October 2025 [2] - Jinshi Resources acknowledges potential risks associated with industry cycles, management of the target company, price fluctuations of key fluorochemical products, technological iterations, and market performance [2]